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CBA admits to mistakes in AUSTRAC case

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August 09, 2017

Commonwealth Bank "has no reason to believe" there was any intent or commercial incentive behind its alleged breaches of anti-money laundering and counter-terrorism financing laws.

"The board notes that it has no reason to believe that the allegations arose from deliberate or unethical behaviour, or any commercial motive," CBA chairman Catherine Livingstone said on Wednesday.

CBA has already said a coding error was behind the bank's alleged failure to provide on-time reports for more than 53,500 cash transactions of $10,000 or more through its Intelligent Deposit Machines between November 2012 and September 2015.

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